Guangdong Warehouses to Resume Operations After Lantern Festival; Marginal Improvement in Tight Supply of Secondary Copper Raw Material [SMM Secondary Copper Daily Review]

Published: Feb 7, 2025 18:28

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SMM February 7

As of 11:30 today, copper futures closed at 76,960 yuan/mt, up 770 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -10 yuan/mt, down 20 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 600 yuan/mt MoM today. The price of bare bright copper in Guangdong was 69,500-69,700 yuan/mt, up 600 yuan/mt MoM from the previous trading day. The price difference between primary metal and scrap was 2,907 yuan/mt, up 111 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,370 yuan/mt. According to the SMM survey, most secondary copper raw material yards in Dali, Guangdong, have not yet resumed operations. According to respondents, operations traditionally resume after the Lantern Festival (February 12). Therefore, secondary copper raw materials will remain in tight supply in the short term, and supply is expected to increase once the yards fully reopen.

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